Passco Preston Ridge DST
Sponsored by Passco
The Project is a 340-unit multifamily apartment complex known as Preston Ridge located on approximately 24.07 acres of land in Hickory, North Carolina.
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Offering terms
- Minimum investment
- $25,000
- Yr 1 distribution
- 4.45%
- Avg distribution
- 4.81%
- Projected hold
- 10 yrs
- Offering size
- $83.6M
- Equity raise
- $44.4M
- Loan-to-value
- 46.9%
- 721 exit
- Optional
Projected distributions by year
Capital structure
- Equity
- $44,350,000
- Debt
- $39,215,000
- Total
- $83,565,000
Overview
The Project is a 340-unit multifamily apartment complex known as Preston Ridge located on approximately 24.07 acres of land in Hickory, North Carolina. Phase I of the Project was constructed in 2020 and phase II of the Project was constructed in 2023. The Project consists of a mix of 1-, 2- and 3-bedroom units, with an average unit size of 960 square feet. According to the Survey, the Project has a total of 654 parking spaces, which includes 565 standard surface spaces, 35 handicap spaces, 36 garage spaces and 18 cross easement spaces. According to the January 8, 2026 Rent Roll, the Project was approximately 89.12% occupied.
The Project offers several community amenities, including a fitness center, yoga room, clubhouse, business center, freshwater swimming pool and outdoor dog park.
Projected distributions are the sponsor's estimates of annual cash flow on invested equity. They are not guaranteed, may change or stop, and may include a return of capital. LTV is the offering's debt divided by its total capitalization. Information reflects my offering records as of October 28, 2026 and may have changed. This page is not an offer to sell or a solicitation of an offer to buy any security; offers are made only through the offering documents to eligible investors.
